Construction starts this spring on a US$19 million POSCO wire rod processing centre occupying a 136,000 square foot site at the Port of Indiana-Jeffersonville.

The new facility will be located at the Port of Indiana-Jeffersonville and will create 60 jobs.

The Governor of Indiana, Mike Pence, said that the state’s low-cost, low-tax business climate, its dynamic port system and robust transportation infrastructure made it ideal for as a place for the South Korean steelmaker to grow its business.

Kyu Tae Kim, POSCO’s finance director, said it was critical for the business to receive cargo by water and to be centrally located in the US marketplace.

The plant will process steel wire for fasteners, nuts and bolts used in the automotive industry and will enable POSCO to make ‘just in time’ deliveries to its US customers.

POSCO’s presence in Indiana has been bolstered by up to $550,000 of conditional tax credits and up to $50,000 of training grants.